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Why Rainy Season is the Best time House-hunting in Lagos

There is a saying, ‘when it rains, it pours’, this saying aptly capture the city of aquatic splendor, Lagos. When it rains in Lagos, roads and drainages in different parts of city become flooded, vehicles get stuck, and traffic builds up. Poor drainage in one of the major reasons rain has become a constant menace in Lagos, due to the fact that it is a low-lying area surrounded by a sea of water.
A report by UN-HABITAT’s report, ‘The State of African Cities 2010: Governance, Inequality and Urban Land Markets’, revealed that more than 25 per cent of Africa’s population, of about one billion people, who live within 100 km from the coast will be at risk from sea level rise and coastal flooding over the coming decades due to climate change. Areas such as Lekki, Ajah, Ikoyi, Victoria Island, and Lagos Island are more vulnerable to flooding because they are really close to the Atlantic Ocean.
Real estate agents have also confirmed that rainy season is the best time for house hunting or purchase because it reveals the flaws of the property. It is also important to inspect the area to determine if it becomes flooded during the rainy season or not. It will also help you to know the level of flooding in the area where you plan to live.
• House hunting during the rainy season helps you to find out if the roof of house is leaking or if there are defects in the ceiling. It also helps you to know if quality construction materials used in building the property.
• House hunting during the rainy season helps you as a tenant or investor to know if there is usually power outage whenever it rains. It is a common scenario for lights out to occur whenever it is raining but if the power outage lasts for up to 24 hours then that is a red flag to consider.
• House hunting during the rainy season enables you to find out if the environment is safe and conducive. Flooding often leads to blocked drainages and gutters in some areas which can result in the breeding of mosquitos and other insects within your vicinity. Foul odours can also create a nuisance which will be unhealthy for occupants of the building.
It is advised to always engage a competent professional, preferably a realtor or building surveyor to check out the property for clues and other defects before making any commitment on price.

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Ways to Make Money Investing in Real Estate

Investing is one of the most profitable business ventures that is bound to garner long term wealth. But it is important to note that investing in real estate is not a get-rich-quick scheme, rather, it is a long term venture. The real estate industry in Nigeria is highly profitable with different ways of earning money –
Real Estate Appreciation – This is one of the ways you can make profit on your real estate investment. This often occurs when there’s a change in the real estate market which leads to an increase in the value of your property. For example, owning a property and selling it five years later. There is a probability that you would be selling for a price higher than you bought it because of the change in the market value. The likelihood of the environment developing over the years will also increase the value of your property.
Cash Flow Income – This type of real estate investment is popular, it involves buying real estate property, such as an apartment or building, and having it up for rent. It ensures there is inflow of income through the rents paid by the tenants for a specific amount of time. Cash flow incomes are also generated from office buildings, apartment buildings, rental houses etc.
Real Estate Related Income – This is type of investments is often undertaken by ‘specialists’ in the real estate industry, such as brokers who make money through commissions from buying and selling of properties. Also, real estate management companies get a percentage of the rent in exchange for managing the daily operations of a property. For instance, a hotel management company earns a particular percentage of the hotel’s sales for taking care of the daily operations including facilities management such as hiring utility staff, laundry, security services amongst others.
Overall, becoming a real estate investor involves having a plan to help you manage your goals and expectations in the real estate industry. Knowing your maths as a real estate investor is crucial, one of the pitfalls in the business is assuming. Real estate is a numbers’ game, and the fastest way to fail is not knowing it. It will also requires a lot of patience, a real estate venture is not something to do on a whim. Most real estate investments are life-long pursuit to help you take control of your financial future.

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Knowing your Rights as a Tenant

The rift between tenants and landlords often boils down to the two parties not being aware of their rights. Knowing your rights as a tenant is crucial because it is the first step towards protecting yourself and ensuring you don’t fall victim to frivolous demands from landlords. According to the Tenancy Law in Nigeria, below are some laws you should be aware of as a tenant –
Right to a Written Agreement
Every tenant has the right to an agreement. Agreements, on the other hand, can be oral or written. However, it is advised that agreements between both parties should be written, hence, any altercations would be easily dealt with, and it comes in handy as references. The tenant is expected to go through the agreements thoroughly before signing.
Tenancy agreements are to contain in details the names of a landlord and his tenant; as parties to the Agreement. The duration of the tenancy, the rent payable and the date at which such rent would become payable should be stated. Before signing any agreement, a prospective tenant is advised to seek the service of a solicitor to break down any unclear terms in the Tenancy Agreement.
Right to Issuance of Receipt of Payment
The receipt of payment is an acknowledgment from a Landlord or an Agent that a rent payment has been made by a tenant. It must have the name of the landlord and the tenant, including the amount paid and the date of such payment. The receipt should clearly state the duration that such payment will cover and the signature of the receiver must also be on the receipt. It is an actionable offense to refuse to issue a receipt for rent paid and received. It is your right as a tenant to be issued a receipt upon payment of rent.
Right to a Valid Quit Notice
A tenant cannot be thrown out of his apartment unless there is a strict compliance by the landlord with relevant Recovery of Premises Law. Recovery of Premises Law states that a valid “quit notice” of a landlord’s intention to terminate/quit the tenancy of the tenant must be written and served to the tenant. The amount of time given to the tenant, whether weekly, monthly, yearly, depends on his rent. A valid “Quit Notice” must have the name of the landlord, the name of the tenant, the address of the property occupied by the tenant, the duration given to the tenant included.

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Red Flags in Real Estate Transactions

Real estate has its own fair share of red flags, they are warning signs that guide you from losing huge sum of money to real estate fraudulent transactions. Aside from knowing what to watch out for, it is equally important that you do your due diligence to avoid falling victim to real estate scams.
Avoiding Legal checks – Real estate transactions are legally binding, therefore the service of a lawyer are required. When a real estate agent insists on not including legal documents in the transactions, that is a red flag. Most times such real estate agents are smooth talkers and often persuasive, you have to be careful not to become a victim of their fraudulent propositions.
Impatience – This is the #1 red flag, when a real estate agent seems impatient to close a transaction. It is important to take your time to re-evaluate the transaction; to be sure that it is not a fraudulent deal. If it is not a dubious real estate transaction, then you don’t have to rush to make payment.
Evidence of Payment – It is important to have evidence of payment for every transaction you engage in, especially real estate transactions. The evidence of payment can be receipt or other documents that clearly identifies you as the bonafide and legal owner of the property. The receipt must indicate the following information – Confirmation of payment, Date of payment, Amount Paid and Name of the receiver. When the real estate agent closes a deal without giving you an evidence of payment that is a red flag.
Incoherent Figures – Another red flag is when the figures don’t add up, particularly when it sounds too good to be true. This is not the time to be excited over the ridiculously cheap price of a property, rather you need to take a step back and reevaluate the figures. Also beware of exaggerated claims; instead do a market survey to know the price range of the properties you want to buy.
Inspection – Amongst all the processes involved in securing a property, inspection is one of the most crucial step. Most fraudulent real agents always avoid this part of the transaction, by delaying, postponing and even denying you of the opportunity to see the property you want purchase or rent. Before closing any real estate transactions, ensure that the agents can be verified and do thorough investigation about the companies they are working for.
Mode of Payment: It is important to avoid cash payment such that the history of the transaction can be traced. Spreading of payments can also help detecting fraud and reducing risk.
Scope of Repair: Always agree and document repair scope and responsibilities. This is important because often times you might think you have a good deal by paying low but the cost of repairs can make the effective rent or purchase price grossly higher than the open market rent or value.
Timing of Inspection: it is best to inspect during rainy season otherwise you might unknowingly pay for property prone to flood and dampness

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How to Convert Real Estate Leads to Sales

There is nothing as rewarding as when your leads convert into sales and in real estate, your fortunes are bound to double. Following up is one of the key strategies for turning real estate leads into clients, it is a marathon, not a sprint. It is important to note that the ideal real estate leads are qualified, interested, and engaged.
Timing is key – The primary rule in the real estate bible says “initial response time is key”. This is a basic tip in following up your lead, you are expected to call your real estate lead within approximately 15 -20minutes. This isn’t a quick-sales scheme but it is still is essential for converting leads to sales. Many people end up doing business with the first real estate agent they speak to, so timing is everything.
Create a Trackable Database – This is the most important part of the process when creating your database, put your real estate leads into different categories. You can create headings for each type of lead such as people that plan to buy within 3 months or clients that want to sell their properties in 6 months, this will help you understand what the chunk of your clients want and the category they fall into. Creating the database helps you track your leads easily and focus on potential clients.
Be Friendly with Leads – Concentrate efforts on turning your leads to friends, personalize your communication, add a friendly tone to it. Relax your messages and emails to them, this will help you to earn their trust over time. Understand what they want, help them to decide on the next step to take including the best deals on the property of their choice. This phase is often called the ‘Fulfillment’, from following up on the leads to anticipating their questions and providing answers, resources, and resolutions. Also showing the client you have individual property information about the area where the property is located including school, housing prices, and resident demographic information gives you an advantage over other real estate agents.
Be Mobile – For fast responsiveness to potential clients, you need to be mobile. It’s important for real estate agents to do their jobs which includes managing phone calls, customer contacts, and accessing listing information without being bound to a desk. Providing relevant local information helps to quickly establish lasting client relationships.

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Tips for Choosing a Good Rental Property

Changing your apartment can be an exciting adventure but it can also strenuous and time-consuming especially when you are not aware of the factors for determining a good rental property. There are a number of factors to be considered when choosing a rental property, below are some tips to help you make the right choice –
Budget – What is your estimated budget for the property, flat, or office space you want to rent, answering this question will give you a clear vision of what to focus your search on. When searching for a space to rent either for residential or commercial purposes, it is important to calculate the added cost of utilities to ensure that the property of your choice suits your budget. Understanding how much rent and added expenses you can afford will help you to stay within your budget and avoid unwarranted scenarios of a payment default.
Location – Location is another crucial factor to be considered when choosing a rental property, because of the potential value of properties is largely affected by location. In Lagos, the Island v Mainland perception automatically affects the price of a property because of where it is located. The location of a property is very crucial in terms of security, nobody is interested in renting a house or office space in an area where they would be facing threats of armed robbers or miscreants.
Structure – There are different types of building structures on display for rent or purchase but knowing the right type of structure you want will help save a lot of stress and money. If you want to rent a bachelor’s pad, then you should focus on buildings that are designed to match what you want. Also, consider other structures in the environment where you want to rent, if there is a church or mosque around, then you have to be prepared for possible noise pollution.
Social Amenities – Social amenities is a key factor to consider when renting a property, aside from the location and structure of the building, you need to find out if there are accessible road networks to where you want to reside. There should be good roads connecting the rental property to other parts of the city. The rule of thumb is to be ‘be patient and thorough’. The safest bet is to contact a real estate agent to facilitate the process for you, Wemabod Limited offers you a wide array of properties for rent and sale that are affordable and environmentally friendly.

CategoriesReal Estate Uncategorized

Wemabod Limited:The Flagship Customer-Centric Real Estate Solutions Provider

Executive Summary
The Company, Wemabod Limited was formerly known as Nabani Estates Limited. Incorporated in September 1962 as a wholly owned subsidiary of the defunct National Bank of Nigeria Limited.
Nabani Estates Limited was later sold to Western Nigeria Marketing Board where the name Wemabod was derived. By the incorporation of Odu’a Investment Company Limited, in 1976, Wemabod effectively became a subsidiary of ODUA Group of Companies.
Introduction
WEMABOD Limited  remain one of the institutional investing companies  pooling large sums of financial resources  and investing same in securities, real estate assets and other investments vehicles.
Over the years, Wemabod Limited has created products that are often pocket-friendly as well as being  equally environmentally friendly.
The company is driven to be a first-class customer-focused real estate solution provider geared towards consistent growth and maximizing returns to our investors/shareholders.
WEMABOD LTD. is one of the largest property companies in Nigeria with a wide range of commercial, industrial and residential properties in its portfolio.
Real estate assets in Wemabod Ltd portfolio are located in strategic areas like Ikoyi, Lagos Island, Surulere, Abuja, Portharcourt, Ikoyi, Apapa, Ibadan, Akure etc.
The Market
Real Estate in Nigeria is undeniably a lucrative sector and it is one of the most reliable investment vehicle in the country. The sector  is also noted for its contribution to the nation’s GDP on a consistent basis.
Real Estate practices involve the purchase, ownership, management, rental and/or sale of real estate asset to generate income and capital appreciation.
Nigeria’s rising booming economic activities and population growth is a sure panacea for increase demand for housing and workspaces.
The real estate sector  is the fifth largest contributor to the Nigerian economy.
The burgeoning interest in the Nigerian market is due to the huge demand buoyed by the increasing urban population. Most organizations in Nigeria (both public and private), mix real estate with other forms of investment in their asset portfolio as a means of diversifying their investment portfolio.
That is why Wemabod Limited is strategically positioned to offer real estate investment solutions, thereby helping individuals to achieve their dreams of property ownership , enhancing value for such assets and optimizing capital appreciation.
Comparable to every other business endeavour, the journey of Wemabod Limited in achieving its property development and management objectives has had its own fair share of challenges.
However, the company has always thrived on a philosophy of rising above the storm and continually reinventing itself even as the company recently reposition after a rigorous strategy review exercise conducted by management in conjunction with KPMG professional services. This is more so and critical as the company strives to attain a high degree of professionalism, efficiencies and consistency in its operations whilst continuing to ensure  superior returns to all categories of investors/ shareholders.
For your real Estate advisory services and investment needs please call our Asset Management Team headed by Mr. Bashir Oladunni on cell phone No +234 -8035623968 and Mr. Tope Olaiya on cell phone No +234- 8023710466

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